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Private Limited Companies (Trading Profits)

Volume 437: debated on Thursday 8 May 1947

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asked the Chancellor of the Exchequer whether he will give an assurance that in the case of private limited companies to which the provisions of Section 21 of the Finance Act, 1922, as amended by later Acts, apply, the same attitude towards restraint in the distribution of profits will be taken as he is taking in the case of public companies.

Under the Section to which the right hon. Member refers the Special Commissioners are required to have regard to the provision necessary for maintenance and development, and he may, therefore, rest assured that full regard will be had to the importance, at the present time, of ploughing back trading profits.